An “Experience” Renaissance is Underway – Beyond CX Lies the Business of Experience

In 2022, companies are being galvanized to expand their CX philosophy and reimagine their business as a whole, all through the lens of customer experience. The businesses that embrace this major shift will rise to the top of the market by meeting their customers’ needs and becoming indispensable. A byproduct of this success will be the discovery of new opportunities, sustained growth, and the flexibility and ability to remain relevant no matter what the future brings.

Let’s face it – the emphasis on CX has never been greater – largely because of the world events in 2020/2021. The pandemic virtually revamped consumer behavior in significant ways that will permanently change the world of commerce. For example, new global consumer research shows that despite lifted restrictions, the home continues to be the preferred space for living, working – and shopping. This shift in personal situations has affected attitudes and behaviors, with the result that shoppers have become increasingly mindful. There is an increased demand for value, with local, sustainable brands gaining in popularity. 50% of consumers now rank financial security as one of their top priorities – a rise of 36% since March 2020. This is heavily impacting where, when and how people spend their dollars, and the brands that can meet the value-added expectations and still provide exceptional CX will win the day.

This new reality requires organizations to carefully examine how people experience their brands. While focus on the customer is not a new concept, an enriched CX philosophy is arguably the most important business strategy to employ across the customer journey. It is no longer sufficient to operate on the principle that touch points are where your customers’ experiences begin and end. Today’s consumer brings a purpose, problem, need, or question to every single interaction with your brand, as well as expectations for how that outcome will be realized.

Welcome to the Business of Experience (BX). This is an evolved, holistic approach to experience that can allow organizations to become customer-obsessed and ignite growth. BX has overtaken CX as the new “experience” kid on the block – making customer-centricity the driving force of an entire organization in ways that most have yet to embrace. If we look at customer fanatics like Apple, Amazon, and Salesforce, we see organizations that have embraced a BX strategy that delivers never-before-seen rewards. BX-oriented companies prove that a positive impact on people drives commercial impact – in fact, research shows that BX leaders outperform CX-oriented industry peers in year-on-year profitability by at least six times. These are staggering numbers that are worth taking note of. The challenges that beset CX i.e. customer expectations, a sea of sameness and flight to purpose, are being addressed by the emergence of BX. Consumer expectations have become incredibly fluid, in that they no longer compare a particular brand with its competitor in the same space. Rather, they make comparisons between their brand experience and those provided by vastly different companies – for example, a mobile service provider with an airline. The top 20% of business leaders recognize this and will be far more likely to take a BX-led approach.

What we know today about customer experience is that it’s the biggest driver of customer loyalty. And that’s where partnering with one of the best customer service outsourcing companies can really enhance the consumer’s purchasing journey. Winner of multiple business awards in the customer service field, Anexa has assembled a skilled roster of CX and BX specialists. These bilingual (English and Spanish) agents understand the critical importance of consistently delivering a great customer experience. Our customer experience superheroes provide knowledgeable, personalized service and solve problems quickly. They understand that “experience” is a bona fide sales tool.

Reach out to us at Anexa to find out how we can improve all your customer interactions.